Like a medical check-up, your finances need an annual review to catch problems and optimize performance.
The Annual Review Checklist
Everything to check in one sitting.
Calculate net worth and compare to last year. Review budget versus actual. Check emergency fund adequacy. Review insurance policies. Cancel unused subscriptions. Check credit report. Update will and beneficiaries.
Investment Portfolio Review
Rebalance and optimize.
Check asset allocation drift. Review total fees. Compare performance to benchmarks. Check tax efficiency. Consolidate old accounts. Review and potentially increase contributions.
Setting Next Year Goals
Plan your financial year ahead.
Set 3-5 specific goals based on review. Define the number, deadline, monthly action, and tracking method. Write them down and schedule quarterly check-ins.